Good morning, everyone. Welcome to Tecsys's third quarter fiscal year 2024 results conference call. Please note that the complete third quarter report, including MD&A and financial statements, were filed on SEDAR+ after market close yesterday. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards. The company has added a companion presentation to today's call, which is available on their website at www.tecsys.com/investors. Some of the statements in this conference call, including the question-and-answer period, may include forward-looking statements that are based on management's beliefs and assumptions. Actual results may differ materially from such statements. I would like to remind everyone that this call is being recorded on Friday, March first, 2024, at 8:30 A.M. Eastern Time. I would like now to turn the call over to Mr. Peter Brereton, Chief Executive Officer at Tecsys. Please go ahead, sir. Thank you. Good morning, everyone. Joining me today is Mark Bentler, our Chief Financial Officer, and we appreciate you joining us for today's call. As our results posted yesterday highlight, our company has maintained a solid trajectory of growth this quarter with a 48% increase in our SaaS revenue stream year-over-year, which Mark will elaborate on in a few minutes. We achieved CAD 4.9 million in SaaS bookings for the quarter, marking our most successful quarter this fiscal year so far. Despite a year-over-year decline due to a lumpiness in post-COVID bookings last year, we are encouraged by the positive in-year trend. Our RPO has seen a steady rise, up 23% compared to the same time last year. We've also expanded our customer base, adding five new logos in the quarter and securing new business in the United States, Canada, Europe, and the Middle East. This includes three new health systems, major SaaS migrations, and a healthy mix of business across key verticals, underscoring our diversified capacity for sustained growth. I'd like to share some key highlights in Q3 and some context on how we see them supporting value creation. If you're following along on our companion presentation, I'll be speaking to slide three. First and foremost, we are seeing an across-the-board pickup in new business and buyer intent, spanning diverse markets. Healthcare providers, video game distributors, online pharmacies, cosmetics retailers, and farm supply dealers have all invested in our platform in the quarter. This diversity is evidence of the growing awareness that modern supply chain demands modern technology. In retail, our market position and presence continues to strengthen. We signed US-based retailer, Atwoods Ranch & Home. We've expanded our business with a global cosmetics retailer in a multi-company, sorry, a multi-country expansion, and we've extended our business with Crunchyroll, a Sony subsidiary. In healthcare, we continue to experience excellent momentum. Despite a general slowdown in the industry these past few years, with many hospitals experiencing negative cash flow until late 2023, most are now cash flow positive. We're seeing a rise in activity in our healthcare business. In addition to migration and expansion business at existing healthcare customers, we've welcomed three new health systems to our roster, among them, a marquee name in the US. As we've noted in the past, every new logo carries years, if not decades, of expanding base account activity. Speaking of marquee names, this quarter, we secured a significant expansion at Roche, one of the world's largest healthcare diagnostics companies, with operations in more than 100 countries. This new business bolsters our international presence and cements our standing as a key player in the global market. It also emphasizes the extensive capabilities of our solutions in handling the highly complex regulatory challenges of global logistics. As we have discussed in previous quarters and outlined in our guidance, we're committed to ongoing margin expansion. This quarter, our record revenue growth and operational efficiency improvements have positively influenced our profitability metrics. On top of that, early into Q4, we initiated a strategic restructuring to bolster our long-term profitability. Following the end of our Q3, and prior to the final approval of the financial statements, we reduced our workforce by about 4% across several departments, which, following severance costs of approximately CAD 2.3 million, is anticipated to yield annual operating cost savings of approximately CAD 4.6 million. Additionally, we are committed to strategically investing in areas with high growth potential to not only increase revenue, but also to strengthen our competitive position in the markets we serve. Turning briefly to our leadership in the market, I'd like to take a moment to highlight some recent initiatives we have undertaken around market engagement since the Tecsys User Conference last quarter. As an example, we have proactively capitalized on substantial growth opportunities in the perioperative space, the pharmacy sector, and other sub- verticals to strengthen our market presence. Building on the strong partner engagement and customer enthusiasm from our user conference, we've initiated a series of regional events targeting these sub- verticals, including workshops and thought leadership forums. Partners, customers, and prospects have been coming together for learning and relationship building while viewing Tecsys as a leading resource as they modernize their supply chain technology. This strategy is showing early signs of having a positive impact on our pipeline, which remains robust heading into Q4. I'll now hand it over to Mark to provide further details on our third quarter financial results, as well as financial guidance on several key metrics. Thanks, Peter. We're very pleased with the record performance in our third quarter and at January 31, 2024. I'll start with slide four and focus first on SaaS. SaaS continues to be the key driver for our growth and we believe the key driver for value creation. SaaS revenue growth is driving our recurring revenue, and during the third quarter, our recurring revenue was 52% of total revenue and 63% of total non-hardware revenue. Reported SaaS revenue growth in Q3 of fiscal 2024 was 48%, reaching CAD 14.2 million in the quarter. That 48% growth number was stellar, but it was also helped by about three percentage points of tailwind from foreign exchange and about seven percentage points of tailwind from one-time recognition of deferred revenue related to the completion of a product performance obligation. This was also called out in our MD&A. I just wanted to highlight those points to help you triangulate our year-to-date reported SaaS revenue growth number of 43% to our revised, slightly upward, SaaS revenue guidance range for the full year of 37%-38%. I'll speak a bit more about our financial guidance in a moment. Total revenue for the quarter was a record CAD 43.8 million. That's 13% higher than the same period last year. On a constant currency basis, total revenue growth was 10%. I'm gonna come back to professional services revenue on the next slide, but first I want to point out the significant decline here in license revenue, which was down about CAD 0.7 million compared to Q3 of last year. This is really the back end of our transition to SaaS, and soon we'll have very little comparative adjusted EBITDA drag from license revenue. For the third quarter, gross margin was 45%, compared to 44% in the same period last year. Combined SaaS, maintenance, support, and professional services gross profit for the three months ended January 31, 2024, was 48%. That's up compared to 47% in the same period of fiscal 2023. SaaS margin expansion was the driver, and we're pleased to report that this continues to track as planned. Net profit in the quarter was relatively flat at CAD 759,000, compared to CAD 888,000 in the same quarter last year. Adjusted EBITDA was CAD 2.6 million in Q3 fiscal 2024, compared to CAD 2.8 million in the same period last year. Relative to the third quarter of fiscal 2023, despite solid growth in our SaaS business, lower professional services and license revenue negatively impacted current quarter profitability, which is a good transition into slide five. Professional services revenue for the third quarter was CAD 13.0 million. That was actually down 4% from CAD 13.6 million reported for the same quarter last year, and up only slightly on a sequential basis from Q2. Professional services backlog continues to be strong at CAD 36.7 million at January 31, 2024. As we indicated last quarter, we expect professional services revenue to tick up sequentially in Q4 as we see project activity increasing. Turning now briefly to our results for the first nine months of our fiscal year of 2024, our total revenue was CAD 127.3 million. That's up 14% compared to CAD 111.2 million in the same period last year, and that's up 11% on a constant currency basis. SaaS revenue for the first nine months of fiscal 2024 was CAD 37.7 million. That's up 43% from CAD 26.3 million in the same period last year, and up 39% on a constant currency basis. Our Adjusted EBITDA for the first nine months of fiscal 2024 was CAD 6.8 million, compared to CAD 7.0 million in the same period last year. Basic and fully diluted earnings per share were CAD 0.11 in the first nine months of both fiscal 2024 and fiscal 2023. We ended Q3 fiscal 2024 with a solid balance sheet position. We had cash and short-term investments of CAD 33.2 million and no debt. Q3 net cash provided by operating activities was CAD 2.3 million, and during the quarter, we used CAD 1.5 million to repurchase shares under our NCIB. Additionally, the board yesterday approved a quarterly dividend of CAD 0.08 a share. Well, with respect to financial guidance, and now moving to slide six. Based on our Q3 results and our Q4 outlook, we are revising full-year 2024 guidance to, number one, tighten the range on total revenue growth to between 11% and 14%. Number two, tighten the range and increase the high end of SaaS revenue growth to between 37% and 38%. And number three, tighten the range on short-term Adjusted EBITDA margin to between 5% and 6%. We expect to provide updated guidance for fiscal 2025 as part of our Q4 and full-year fiscal 2024 earnings call. I'll now turn the call back to Peter to provide some outlook comments. Thanks, Mark. Over on slide seven, which I'll now be walking through, you can see that Tecsys stable growth continues through the third quarter of fiscal 2024, with a strong balance sheet, a solid backlog and a strong sales pipeline. As mentioned earlier, our target markets are showing widespread buyer intent, and we have a highly capable sales team with the tools and talent to capitalize on a market that's ready to invest in new technology. Our expanded healthcare offering and growing footprint gives us confidence that the healthcare sector will continue to serve as an important growth engine for us. Our converging distribution and retail business presents a significant market opportunity. We continue to refine our sweet spot and position ourselves for market share growth amidst shifting supply chain dynamics, which are driven by factors like aging legacy systems, digital adoption, and a realization that heightened consumer expectations are here to stay. In summary, I want to remind analysts and investors of some key themes for fiscal 2024 and beyond. First, a sustained commitment to our expanding SaaS revenue model, which will drive changes in the way we deploy solutions and delight customers. Second, a continued strategic partnership approach characterized by deeper and stronger alliances. This helps us tap into new opportunities and fuels our scalability around the world. Third, an emphasis on advancing and deepening our healthcare vertical, covering both med-surg and pharma. We continue to solidify our position as the go-to provider for healthcare supply chain solutions. Lastly, a continuous evolution of our distribution and omnichannel business platform that takes advantage of innovative technologies and the power of data. As a final point, I'd like to stress, across our markets, we'll continue to focus on customer success. We have long stood by the philosophy of Customers for Life. A big part of that formula is to deliver value quickly, build trust with our customers, stay connected, and expand on the value delivered. With that, we'll open the call up for questions. Thank you. Thank you. If you are an analyst and would like to register a question, please press the one four on your telephone. You will hear a three-tone prompt to acknowledge your request. If your question has been answered and you would like to withdraw your registration, please press the one followed by the three. Once again, to register a question, please press the one four on your telephone. One moment, please, for the first question. Our first question comes from Amr Ezzat with Echelon Capital Markets. Please proceed. Peter, Mark, good morning. Thanks for taking my question. I appreciate your comments on the restructuring, but can you elaborate on the factors that drove that decision? It seems like your comments on the macro are pretty rosy, so I wonder, are you seeing some of that strength abate in fiscal 25? No, no, we're not. We, you know, we came through. I mean, to some extent, this was a matter of analyzing the business. Now that we feel that we're sort of the pandemic is totally behind us. I mean, as you know, that our various industries were very substantially affected by the pandemic. You know, I mean, healthcare was majorly distracted. General distribution was having issues with factory supply and shipping containers and labor and all kinds of things. And retail was, of course, massively sideswiped. So there was a lot of things we continued to sort of, you know, invest in over the last few years while we tried to ascertain sort of what the post-COVID world was gonna look like. As we promote the other side of that, we now feel we're just playing into the new normal. And we did a review of the entire business, from one end to the other, and decided where we were sort of over-investing for the new world and where we were, and we've also identified some areas where we're under-investing, frankly. So we made the decision to make, make those changes. They're never easy changes to make, but we felt like it was the right thing to do to get the, get the business in absolute sort of best fighting form, for the new environment we find ourselves in. There's areas I mean, we don't, we don't see any sort of exceptionally large areas of investment, but you will continue to see over the next, you know, the next few quarters, you'll continue to see us invest in key strategic areas as we, you know, continue to invest for growth. Fantastic. Then if I were to think about the pace of realizing the CAD 4.6 million of annualized savings, do we see the full impact of that starting in fiscal Q1? Yeah, you'll. I mean, you'll see the restructuring charge hit Q4. Yep. You'll also pick up, call it, two out of three months of benefit hitting Q4, because the changes were made in February. And then, you know, all of that, of course, you know, full benefit, of course, hitting in Q1. Fantastic. Then you haven't updated your fiscal 2025 EBITDA guidance on, like, post-restructuring. Is that a measure of you guys being conservative, or should we look for an update next quarter? Let Mark take that one. Yeah, we're gonna update that, Amr. We're expecting to, you know, kind of review through our budget cycle, and as Peter mentioned, there's some investment areas that we'll make, but our intention was very, very clearly to not mess with that guidance right now, but address it after we report our Q4 results. Fantastic. It's safe to assume there's an upwards bias, right? I would expect. Okay. Shifting gears to professional services, I mean, I know fiscal Q3 experiences like that seasonal dip, but I think we're all hoping for a bit of a rebound from the previous quarter. You know, like, we'll see if next quarter it seems like. But can you outline the dynamics at play there? And am I right to assume that you guys also, also thought that we'd get a bit of a rebound, like, this quarter sequentially? Hi, Amr, I know that a lot of the analysts thought we'd see a quick rebound in Q3. I think I actually mentioned on the Q2 call that typically when these slowdowns happen, it takes a couple of quarters to rebuild, and it's following a totally normal trajectory. You know, this seems to happen every few years. We end up with a bunch of large projects that end and some new large projects that are starting, and you sort of get into this bit of this valley in between. But the thing is, in the early stages of a large project, you don't have that many resources deployed yet. You, you're sort of doing your process confirmation workshops and that kind of thing, and, and nailing down exactly how this stuff's gonna be deployed, but you're not yet into the full-blown, full team, effort. So it's honestly. And I think we didn't explain that clearly enough in the Q2 call, 'cause we seem to have left some confusion out there, so I apologize for that. But it's actually following a pretty normal trajectory. It dropped off in Q2. We're seeing all the, sort of the new projects starting to kick in, in Q3, so you see a slight uptick in Q3, and we expect to be back to a more normal run rate, going forward. Fantastic. Maybe one last one from me. Can you give us an update on the capital allocation strategy and what you guys are seeing in terms of like M&A and valuations and how that's evolving? Yeah, I mean, our focus at this point is organic. You know, we've, we feel like we've spent enough time poking at M&A, and it's not like we don't continue to be, you know, opportunistic, and if we see some great opportunities, we would certainly take a look at them. But our, you know, at this point, we see a lot of activity in our markets, and our focus is very much on driving towards, you know, rapid organic SaaS revenue expansion, SaaS gross margin expansion, and, you know, EBITDA expansion. And we see all of those on the horizon, and it's honestly, the organic picture has never looked better. We're very excited about what we're seeing, and we're, for the time being, we're keeping our focus on that. Fantastic. Congrats on the quarter. I'll pass it on. Thanks, Amr. Thanks, Amr. Our next question comes from Andy Nguyen with Raymond James. Please proceed. Hi, Peter and Mark, thank you for taking the questions. Just a follow-up on the workforce reductions. Can you elaborate on what area was experiencing the headcount reduction? What division? Sorry. Yeah, we're not, we're not actually specifying that generally in the market. There's, you know, from a competitive standpoint, that would probably not be a good thing for us to do. But it's, you know, we can just tell you that it was, it was done selectively. It was done based on the skill sets that we think we need going forward, and the areas where we thought we had perhaps a little too much skill set. Some of the people we were able to redeploy in other areas of the business, we did that where it was possible. And where it was not possible, you know, they left the organization. But we're not, we're not getting specifically into which particular product lines were touched more than others. Gotcha. No, no, no worries. Then, my other question will be surrounding the SaaS ARR booking. And I know it's, it's lumpy over quarter or quarters, and it's actually up sequentially, but on a trailing twelve-month basis, it's actually down. So how much should we read into this? I think what—I mean, our read into it, and, you know, I, we can all sort of read it differently. Our read into it is that the, is that the cash, the negative cash flow experienced by almost all U.S.-based hospital networks throughout calendar 2023, definitely had a short-term slowdown on the, on our growth and booking rate in that market. You know, it, it continued to perform. We continued to add new networks. We continued to drive new, opportunities within the base, et cetera, but overall, we think it, it created a bit of slowdown. It, it is comparing, as we mentioned in the, the prepared remarks, it is comparing to a very weird, lumpy period, so it's, it's a little bit hard to compare. Like, if you, if you look back over the last few years, we did. I mean, go back, I think three years, or might be four by now, but I think it was three. You know, we did, like, CAD 8.8 million in SaaS bookings, and then we did, like, CAD 9.5 million, and then we jumped to CAD 12 million, and then we jumped to CAD 16.something million. And those sort of lumpy jumps were also driven just by timing as the whole pandemic sped up and slowed down and distracted the market and then let up again and so on. So it's made for very weird comparables. But still, if I come back to sort of a trailing twelve versus prior trailing twelve, you are mainly comparing calendar 2023 to calendar 2022. Calendar 2023, the American hospital community, by and large, ran cash flow negative, and began holding back on their spending. We had a number of projects that even right up into the tail end of the calendar year, where, you know, it was sort of all systems go until it got to the final finance committee, who just said, "Nah, we're too cash flow negative. Gotta hold off on that project for now." So we've continued to see that. The hospital community, by and large, moved to cash flow positive, starting in about November. I mean, you can get that out of Becker's report or there's other industry publications out there where you can see that, where the whole industry shifted back to cash flow positive as sort of elective surgeries picked up again and everything kind of returned to normal. So we're, you know, we're now feeling an accelerated pipeline momentum as we head into our, you know, as we're now in our fourth quarter of our fiscal year and heading into fiscal 2025. So, you know, we're feeling good about where it's at, but there's no question there was definitely some suppression, calendar 2023 versus calendar 2022. Gotcha. Thank you so much. I'll pass it along. Okay, thanks. Thanks. Our next question comes from Gavin Fairweather with Cormark Securities. Please proceed. Oh, hey, good morning. Thanks for taking my question. Maybe just to start out on the distribution business. I know you've kind of soft circled the fall as the timeline when, you know, some of your pipeline activity would start to translate into bookings. I know you called out a few kind of, you know, impressive new logos this quarter. So maybe just give us an update on how that business is trending, and whether you think you can build upon, you know, this momentum in the quarter that. Yeah, we think we can. I mean, there's no question healthcare has, you know, taken a lot of our attention over the last few years. But in the meantime, the general distribution market is, you know, picking up speed again. As you mentioned, Gavin, we saw an increase in the pipeline. We saw an increase in pipeline activity, and then this quarter, we finally began to see some, you know, some new accounts start to sign and move into our customer base. There's good opportunities in that market, and the competitive landscape has actually shifted quite a bit. You know, I don't wanna get into sort of speaking specifically about some of our competitors or former competitors here on this call, but there's a number of significant players in that market that, as a result of acquisitions, merger activity, et cetera, have really refocused away from the market that we generally compete in. So we're finding it to be a more open market space as well. So not only is it more active, with the sort of, you know, business by and large returning to normal, but the competitive landscape has actually opened up somewhat as well. We're in our sort of annual planning cycle right now for fiscal 2025, and, you know, one of the decisions that we've got to make is sort of how much to turn up the investment on that market, because it's, it's definitely becoming a more, a more interesting and active market. Are you seeing win rates perking up? No, I would say not yet. I would say our win rate is remaining somewhat constant. You know, at the same time, you know, there's just more deals starting to go down. So, you know, it certainly looks like it, you know, our wins will, you know, our number of wins will probably move up, but win rate at this point is remaining relatively constant, but we do think there are some things we can do there to improve that win rate, so we're looking at that now. I would just And then I would just add to that, Gavin, that, you know, it was a pretty good—I mean, one quarter does not a trend make, but it was a pretty solid booking quarter for that part of our business. And one of the things that made it pretty interesting, I mean, we booked new logos in there, we booked expansion deals in there, and we booked a pretty big migration deal in there. And over the last couple of quarters, we've seen some migrations, you know, in that part of the business. Of course, you know, as you all know, we've got a bunch of ARR that's, you know, legacy maintenance and support ARR on that side of the complex distribution business, and it's just interesting to see that starting to. What feels like, you know, starting to pick up on the migration side. Yeah, appreciate that. Good to hear. Maybe shifting gears to healthcare. I'm curious if you can update us on how many of your audience have bought pharmacy today. I still think that it's probably still, you know, early days and a modest number, but I'd be curious for your thoughts on, just now that you have more of the data and the white papers and, you know, calculations around savings, how many of your customers do you think could buy it in the next three years? Believe me, we would love to know the answer to that question. We are seeing a lot of interest. We actually, yesterday, ran a sort of a thought leadership meeting down in Dallas, where we invited, you know, healthcare providers to send their pharmacy leadership teams over to for a day of discussion on what we're doing and what's happening in the market and the opportunities there. Not counting our folks, just counting customer folks, we had over 40 people show up for that. You know, we'd have been happy with 12. So we had some very good attendance. So the interest there continues to rise, as we get sort of more and more data and can prove out sort of the, you know, the savings there. So. I mean, you know, it's different than, for instance, the CSC work we do, the consolidated service center work we do. I mean, that, that model only applies to, you know, maybe half, maybe 60% of the market, because in some markets across the U.S., it doesn't make sense to run your own consolidated service center. So, so that particular offering is, you know, is, is sort of only really applies to a smaller slice of the market, but pharmacy, it's everybody. I mean, there's, there's nobody that doesn't, you know, couldn't save millions of dollars and improve the quality and consistency of their care by implementing a, a good pharmacy platform. So, so we're, we're pretty excited with where that's at. How many we can win over the next three years? I think that's the big question. Some of that's gonna depend on sort of how rapidly the, some of the current projects underway achieve success. I think there's a lot of eyeballs watching those projects to see how quickly they achieve their objectives. But it's, you know, certainly it's, it's looking like it's, it's a wide open, opportunity for us. Can you remind me, how much of that market is greenfield? Like, I think McKesson has a point solution for that, but how many of the- Yeah, it. Have nothing in place? Yeah, it is largely greenfield because the. And, you know, it's not that we don't overlap a bit with point solutions. I mean, there are solutions that are focused really on the pharmacy buy side, that, you know, are in essence sort of drug portals to help, you know, hospital networks buy the drugs they need. And then there's other solutions that are sort of dispensing cabinets and hardware to manage the, you know, drugs and sort of try to at least make sure that you're only sort of spitting out the drugs to the right clinician with the right authorization for the right patient, et cetera. But we seem to be, at this point, be the only player in the market that is, again, offering an end-to-end platform that goes all the way from forecasting and demand planning through the procurement process to the, you know, receiving, managing a, a central pharmacy with 340B price management, which, you know, that, that alone, just that whole 340B price management thing is worth $ millions. And then, you know, just in time, dispensing out to the various, hospital locations and right to the patient bedside. So nobody else is covering that whole end-to-end picture, and I think that's really why we're starting to see the kind of momentum building in this market that we're seeing. Great to hear. And then, just lastly for me on the partner side, you know, I appreciate your comments around, you know, big, you know, implementation timing shifts quarter to quarter. But I am curious, you know, how much more of the services load is being taken on by implementation partners? And then, secondly, on the partner side, maybe you can touch on Oracle. I think previously you alluded to maybe a shifting of the nature of the relationship there, so curious for any update on that front. Yeah, there's a couple comments here. I mean, in terms of partners in general, you know, they, they continue to have a significant influence on the pipeline. From the standpoint of how much of the implementation load they're carrying, that's always harder to measure, just because, of course, that revenue doesn't flow through our books. But when we look at sort of the number of people involved out there in the market, you know, it, it looks to us as though that our partners right now are carrying roughly 30% of the implementation workload, and that number is rising. So I mean, even when you see our SaaS revenue rising at the rate that it's rising, and you look at our professional services growth, you can see that more and more of that work is moving out to partners. But at this point, it's still only about, and this is only an estimate, but we estimate that it's about 30% of the total work at this point. In terms of Oracle, I mean, we continue to have a great partnership out in the field with Oracle. We're finalizing interfaces to the Oracle platform for the. So there will be, you know, standardized, you know, out-of-the-box supported interfaces to that platform. And they continue to be a great partner with us in the field, particularly in healthcare. Great. That's it for me. Thanks. Great. Thanks, Kevin. Thanks, Kevin. Our next question comes from John Shao with National Bank. Please proceed. Hey, good morning, and thanks for taking my question. So Peter, could you maybe talk about your customer win this quarter in terms of their size, the type of deployment they're having, and where they're from, your partners, channels, or internal? Sure. I mean, let me see. So two of the wins this quarter were in the state of Texas. I'm not gonna go much beyond that because then I'd be saying specifically which ones they were, but they were point- of- use, OR, Cath Lab, general supplies, projects that we won down in the state of Texas. One was a very nice win in Canada, out actually in British Columbia, and that was of a similar nature to the two down in Texas. Partners were involved in, I believe, all three of those, certainly two out of the three. Partners were quite substantially involved. From a size standpoint, they were fairly typical initial deals. You know, right around our. If I look at the average of the three deals, they'd be right around our average, our average, you know, healthcare size now. I'm trying to remember now. You had a string of questions there. Did I cover them? Yes. Yes, thank you so much for that. And for the SaaS growth this quarter, how much of that is coming from the existing customers versus new? Because you still have a base of customers on maintenance contracts, so how long do you think it's gonna take them to fully transition to SaaS, and how should we think about their acceptance rate? You want to take that one, Mark? Yeah, so yeah, sure. Just want to make sure I am off mute. Yeah. Yeah, so the new business in the bookings in the quarter was, it was a little bit less than 50%. It was only about 40% new business and roughly 60%, you know, expansion and migration business. In terms of, like, how those migrations are going, you know, in healthcare, we're, we've got much more of the migration has already happened. You know, in the last, the prior 12-month period, ending Q3 of fiscal 2023, we had quite a bit of migrations that happened in that period. So the pace of migrations there is slowing down because, you know, what's left in our base of ARR from legacy maintenance and support is getting smaller on the healthcare side. There's still some more migrations that'll happen there, and I think they'll probably continue to happen over the next couple of years, but it's getting quite a bit tapped out there. On the complex distribution side, it's different, it's a different story. You know, still a big chunk of our maintenance and support revenue is complex distribution, and those are ripe to migrate. And like I mentioned, you know, a little bit earlier, over the last couple of quarters in particular, we've seen some real interesting movement there on migrations out of complex distribution. But I think the tail on that migration, you know, turn is definitely, you know, it's definitely multi years. I mean, we'll probably be talking about that for—I wouldn't be surprised if we're talking about that for, you know, four or five years. Hey, got it. The last question for me is regarding the hardware. You continue to post strong results. I know it's not part of the core growth story, but could you maybe point us the direction of the hardware business going to 2025? Yeah, I mean, 2024 was a substantial year. You know, a lot of projects and in-hospital projects were delivering. You know, we delivered a lot of hardware in there, and Q3 was the one we just reported was a pretty high water mark on that part of the business. And, you know, had some of the prop tech hardware in there and some storage stuff, mostly healthcare-related stuff, driving that. You know, as hospitals roll out into different, you know, different rooms and different theaters and additional hospitals, you know, the on-site hardware tends to deliver. So it'll really depend on, you know, project. It's kind of variable. It'll depend a lot on project timing. That hardware tends to deliver, you know, on the back, on the back end, of projects. And so it'll really depend on, you know, on timing, there. So it's a bit hard to. I know it seems a bit evasive, but it's as we always say, that's notoriously sort of hard to call. I wouldn't expect, you know, a significant upward trend on hardware. You know, when we think about that, we think about it, you know, generally, you know, a little bit, you know, a little bit flatter growth, but maybe not, you know, not substantial growth. But we'll see. You know, it really depends on the projects, the type of projects that are moving, whether the networks decide to buy hardware from us or independently. So, there's quite a few variables there, John. Thanks for the color. Top of the line. Thank you. Gentlemen, there are no further questions at this time. Great. Well, thank you all for joining us for these financial results on this call. And as always, if you have additional questions, please don't hesitate to reach out to Mark or I, and we'll look forward to talking to you sometime around the end of June when we release our Q4 numbers. Thanks, and have a great day. That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.